Year Ended
Registration number:
The Union Bar and Grill Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
The Union Bar and Grill Limited
Company Information
Directors |
Mr M B W Jacomb Mr E D Guinness Mr W J H Spooner |
Registered office |
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Accountants |
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Page 1 |
The Union Bar and Grill Limited
Balance Sheet
18 February 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
The Union Bar and Grill Limited
Balance Sheet
18 February 2019
For the financial year ending 18 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05235188
Page 3 |
The Union Bar and Grill Limited
Notes to the Financial Statements
Year Ended 18 February 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Sheldon Square, Paddington,
London, W2 6EZ
AND
The Union, 35 Old Bailey
London, EC4M 7AU
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
The Union Bar and Grill Limited
Notes to the Financial Statements
Year Ended 18 February 2019
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leaseholds |
5% Straight Lline Basis |
Fixtures and Fittings |
15% Reducing Balance Basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Page 5 |
The Union Bar and Grill Limited
Notes to the Financial Statements
Year Ended 18 February 2019
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to reflect the new selling price; the impairment loss is recognised immediately in profit or loss.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 6 |
The Union Bar and Grill Limited
Notes to the Financial Statements
Year Ended 18 February 2019
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Taxation |
Tax charged/(credited) in the profit and loss account
Year ended 18 February 2019 |
22 February 2017 to 18 February 2018 |
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Current taxation |
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UK corporation tax |
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- |
UK corporation tax adjustment to prior periods |
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( |
21,789 |
(10,147) |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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Tax expense/(receipt) in the income statement |
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( |
Deferred tax
Deferred tax assets and liabilities
Page 7 |
The Union Bar and Grill Limited
Notes to the Financial Statements
Year Ended 18 February 2019
2019 |
Liability |
Fixed asset timing differences |
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Losses and other deductions |
- |
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2018 |
Liability |
Fixed asset timing differences |
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Losses and other deductions |
( |
41,512 |
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 19 February 2018 |
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Additions |
- |
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At 18 February 2019 |
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Depreciation |
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At 19 February 2018 |
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Charge for the year |
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At 18 February 2019 |
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Carrying amount |
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At 18 February 2019 |
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At 18 February 2018 |
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Included within the net book value of land and buildings above is £329,699 (2018 - £348,364) in respect of long leasehold land and buildings.
Page 8 |
The Union Bar and Grill Limited
Notes to the Financial Statements
Year Ended 18 February 2019
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 19 February 2018 |
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Provision |
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Carrying amount |
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At 18 February 2019 |
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At 18 February 2018 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Page 9 |
The Union Bar and Grill Limited
Notes to the Financial Statements
Year Ended 18 February 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
18 February 2018 |
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Due within one year |
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Trade creditors |
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Corporation tax |
21,789 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Related party transactions |
Loans to related parties
2019 |
Other related parties |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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2018 |
Other related parties |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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Terms of loans to related parties
Page 10 |